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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GST who wrote (295255)12/2/2010 9:39:03 PM
From: Les HRead Replies (1) of 306849
 
the non-refundable tax credit is only for the mortgage on the principal residence. it doesn't apply to home equity loans or second homes. it essentially fixes the deduction to 12 percent of the interest expense regardless of your income tax bracket. some have the credit at 15 percent. if it's a rental property, you're unaffected.
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